Entrepreneurship and Business

Life-saving Strategies for Parents in Guiding Their Children Who are Cramming

streetsmartmasterclass

Source: Flickr

Parenthood is among the most challenging and rewarding professions on the planet. It is not a secret that a parent might find this a huge responsibility. Therefore, they have this sense of unpreparedness and can make them stressed enough.

As a parent, it is your duty to check up on your children about their welfare, daily activities, and development outside your home— specifically their academic performance. It may seem an effortless task for parents to maintain their child’s excellence in studies. But in reality, there are much more obligations and sacrifices to accomplish that kind of achievement.

However, it is inevitable that you cannot give your full attention to your child’s educational capability every time. And that is one of the reasons why students end up cramming for their exams the day before. 

There might be a possibility that this situation might occur to you and your child. As a parent, you want the best for your child, and you will help them with your best as possible. If you are dedicated to avoiding this circumstance in the future, then this article is perfect for you. Here, there are different strategies to encourage your child to prevent cramming in their studies.

Is Cramming Effective?

Source: Wikimedia Commons

The cram definition in a dictionary states that when you do an exam cram, you are studying as much as possible in a brief span of time before the examination. Often, it exerts a massive amount of pressure into your brain.

The studying habit of cram fighters, as per the cramming meaning, involves learning under pressure and not following their schedules. Since some children are invested in doing activities rather than studying, they often resort to exam cram— which they will need your constant guidance and support.

Cram fighters might find exam cram beneficial, but it can do more harm than good. Hence, this strategy is unhealthy for your children if done excessively. Being a parent, you must be aware of the possible outcomes caused by cramming.

The S in cram fighters stands for “Stressed”

It is no surprise that stress is encapsulated in the cramming meaning. The act of cramming before the night of the exam might be exhausting. According to an article, most of the students who studied last-minute are not adequately prepared for their assessment. It is mainly because of reading their materials once.

Since students often do this late night to morning, they do not get an ample amount of sleep. In addition, their mind might not be fully functioning due to this reason. As cram fighters need to study last-minute, their body also required to rest needed for the processing of knowledge.

Possibility of getting an F

Cramming, in the end, results in undesirable academic results. Although cram fighters can simply retain the knowledge they have learned for a brief span of time, they may encounter difficulties or queries that are entirely unknown to them.

Students will find themselves thinking quickly, as they attempt to recall their learnings. Consequently, cram fighters usually lack time in answering the questions—leading them in acquiring poor academic scores.

Learnings just go up, up, and away quickly!

While cramming just before the exam day could help you ace the exam the next day, it will not enable you to retain the material for long term. The cram definition also highlights that it renders only a temporary advantage since the retention of long-term retention is low. 

After studying for an exam, cram fighters will almost certainly be unable to recall the knowledge in less than a day or two. Exam cram may allow you to pass an assessment, but it cannot provide you an assurance that you will fully learn the knowledge you will demand in the future.

Avoid cramming for children: Guide for parents

The progress of your child’s development in studies does not rely solely on luck. Apparently, it depends on their effort, determination, habits, and attitude. Strong study ability is a key element of this strategy. As parents, you are wondering on what ways you can encourage your child to hone their studying skills. Fortunately, there are existing ways on how to guide them.

An action for distraction

As parents, you know that cramming is the partner in crime for some children when studying. One of the reasons why they did end up cramming was because of distractions around them. These distractions must be distinguished around their space and habits.

One of the popular distractions is gadgets. If your child’s attention is drawn towards using tablets, computers, or smartphones, then it may be a big problem at your end. A parent must teach them to turn off their gadgets to keep their focus steadily. Also, when you are checking up for some possible distractions, you must avoid them multitasking as this can cause them to lose focus.

Set up their study space

When your child is studying, ensure that their study space is conducive to learning. It is important to you, parents, that they are able to concentrate on what they are doing for education. Assess the environment if it is properly lighted and free of distractions.

Also, provide some functional materials perfect for learning such as sticky notes, highlighters, pencil, pen, papers in this space. Empower your kid to have a sense of authority in this area by liberating them on how they are going to layout their workspace. Also, remind them from time to time to tidy up their area regularly in order for them to be prepared before their study session.

Cultivate the culture of asking for help

There is always a difficult lesson that our children might stumble upon when they are studying. And it reaches the point that they are experiencing difficulties and cannot comprehend the material. In this case, parents must encourage their children to ask for assistance from them.

Another helpful takeaway in this guide is seeking for, accepting, and providing assistance through educating your child on how to develop foundational connections with other people and how to approach their friends for guidance.

Comprehension, not memorization

During your study session with your kid, you should always incorporate the idea of teaching about the concept behind the lesson, not just merely memorizing the entire material. It will allow for a more comprehensive knowledge through reasoning and theory. 

On each day, we do time management

Effective time management is a critical component of efficient learning strategies. As an adult, we do know how to create and organize our planner. And this is a perfect opportunity to share this knowledge to our children and make sure that they understand how weekly planner works.

Encourage children to jot down crucial deadlines for schoolwork and activities, specifically if their instructor communicates these periods ahead of time.

Source: Pixabay

After reading this article, it will not be a rocket science for you on how to guide your child in avoiding cramming for their learning assessment. There’s a whole variety of techniques available to parents to assist their children in developing the fundamental learning abilities required for academic achievement.

Worrying about making a planner for your child? We provided a template for you to write down about your kid’s every day schedule.

5 Pieces of Online Shopping Advice to Share with Your Kids

streetsmartmasterclass

Source: Unsplash

Online shopping has allowed kids and teens alike to have access to whatever they desire. However, we all know that most times, it is not their money that they are spending. In this manner, it is easy to fall into a life-simulation game with unlimited money mod. Unless you do, you might want to take some advice and rear your kids for the better.

At first, this may seem like overstepping in your kid’s business. Still, by setting limits and being knowledgeable, you will be good to go. Remember that you are doing this for them. No conventional schools will teach your kids to be money-smart, so it is best to take the leap and guide them yourself.

1. Check for legitimacy

There are many good things to be said about e-commerce, but just like anything else it also has its fair share of shortcomings.

For one, the remoteness of transactions provides a haven for scammers and counterfeiters. Most times these groups of people will sell products for cheaper, which is technically favorable. But it is only applicable if you are getting quality products. However, this is usually not the case.

A great rule of thumb to follow so as not to fall into this trap is to establish an estimate of how much a product is usually sold. You can do this by checking different online stores and comparing prices. If it is too good to be true, then run. 

Some independent sellers may sell for less, but make sure to check the reviews before making any transactions. It may take some time, but you can increase your chances of striking the best deal.

If you do not want to go through all these troubles, then there is a fool-proof way that you can take. Only shop on official online stores. This way you can guarantee that you are in good hands. Following this method also lessens your worries by offering return policies.

2. Know about online shopping vouchers and discount codes

It is almost impossible to haggle in online stores, but so is in malls. Nonetheless, there are few tricks in online shopping to pay less than what is on the price tag. 

Online shopping platforms offer sales from time to time. Knowing when to shop is a great way to save some money. On top of that, being knowledgeable in using vouchers [how to use vouchers article] can change the way you view e-commerce for the better.

Vouchers and discount codes are promotional strategies placed to encourage consumers to buy. Among ways you can find one: are via online shopping platforms, in-store promos, news/blogging websites, and coupon companies.

3. Shop responsibly

Source: Unsplash

There is an influx in the diversity of products offered on the web. Teaching your kids to spend their money wisely is beneficial in fostering self-discipline.

An occasional impulsive purchase is nothing to worry about, but online shopping can be addicting. A 2019 research article tied internet addiction and compulsive buying with each other. Subsequently, online shopping can be misused to cope with negative emotions.

Have a clear sense of how your kids are spending their money. If you notice an alarming surge in their spending habits, try to reach out to them and help them assess whether such a purchase is practical.

Telling needs from wants is not as easy as black and white. Needs are defined famously as things vital for us to survive. Times have changed. The world has evolved to the point where survival is not only limited to staying alive. For instance, a student needs a device to survive school in a technologically dependent setup.

Let’s face it. The act of shopping responsibly is highly subjective. One thing for sure is that wants are solely influenced by emotions. You can postpone a need for some time and it would remain a necessity. On contrary, you can want something now and hate it just minutes after – more so following the period of delivery.

Try to practice delayed gratification. Resist your urge to buy your wants right away in hopes of obtaining a more favorable one in the future. In this way, you can pose decision-making as anticipation for a more valuable reward. You may still end up buying your earlier pick but certainly with fewer chances of regrets.

4. Track their expenses

Giving kids an allowance is a good way for them to practice personal finance. Similarly, this can also help them develop their personality by engaging in brands that resonate with their values. But do not forget that you are in control. There is nothing wrong with financing their wants from time to time. On a separate note, fueling unhelpful spending habits is the worst thing you can do.

If they are already earning on their own, it is not helpful to stress over their purchases. However, a few pieces of advice here and there will not hurt. Experiences are valuable enough to be shared, do not be shy to indulge yourself in offering some. Who knows, maybe this can spare them from their worst regrets.

Know your limits. It is easy to get overboard and exert unnecessary effort in caring for your kids. After an exam, it is not the questions we got right that we remember most. We tend to cling and learn more from our mistakes. So make a room for some and let them grow at their own pace.

5. Learn together

Source: Unsplash

It is no secret that Gen-Zers are very effective in navigating the web. A study by the Center for Generation Kinetics deemed them as the most internet-independent generation.

You can learn from them as much as they can learn from you. Be open to take their ideas and engage in fruitful conversations. Whether it be a recommendation for a sustainable shoe website; or comment on trademark infringement faced by your go-to online boutique, welcoming these remarks is a pivotal step to be responsible shoppers.

Not only do they allow you to keep a youthful stance by informing you of views and takes that no longer stand correct, but this can also serve as a shared interest vital in keeping a healthy relationship with your kids. You may even find yourself a buddy in looking for cheap clothes online.

In a nutshell, online shopping is no different from any other stuff where too much of a good thing can be harmful. As parents, it is your responsibility to provide for your kids, but it is also up to you to prepare them for the future. Being money-smart is one of the most helpful skills one should master. E-commerce can be the perfect platform for you to guide them in their early days.

3 Steps for Parents to Introduce Investing for Students and Beginners in the Philippines

streetsmartmasterclass

To all parents, this is your sign to start teaching your children how to plan for their future through investing! Financial security is an important matter to be taught to young minds as it gives them a sense of independence and organization. Preparing for their future is important in order to provide their lives with ease. Financial literacy should be known by everybody, that is why it is important to teach financial security, especially about investing for students and beginners. 

This blog serves as a guide for parents to get their children interested in venturing into the world of investing. It tackles concepts such as real estate investing for beginners and stocks for dummies. Every parent desires prosperity for their children. We have a big part in shaping their future, so browse through the blog and equip yourself to inspire your youngsters to venture into the world of investing!

Source: iStock

Parents are the First People to Influence the Lives of Their Children 

For all of the parents out there, how can you say that you have successfully raised your children?

For sure, some of you might define successful parenthood as having children that live in accordance with the values and the skills that they were taught ever since they were little.

Parents, as their children’s first teachers, are responsible to develop their child’s sense of independence and organization. Handling finances is one of the most complicated life skills that we, parents, should impart to them. Familiarizing children with financial matters is a big step in teaching them how to make decisions and rely on themselves as they venture into their life’s journey. Financial literacy should be known by everybody, that is why it is important to educate them about financial security, especially about investing for students and beginners.

1.Introduce the Concept of Investment

Engage them in conversations that concern financial matters. Introduce them to the topics that revolve around investment and risk-taking for beginners. It is also essential for parents to explain it to them in simpler terms catered to teach stocks for beginners. In line with this, parents must thoroughly explain the concept of investing in terms of using the 5W-1H method.

Identify WHO to Connect With

Identify the roles of stockbrokers, finance managers, and firms. Emphasize the importance of confidentiality and trust — wherein they should be aware of whom to give it to.

Understand WHY You Want to Invest

Expound the importance of creating long-term goals and help them visualize how they want their future lives to turn out. 

Determine WHAT Your Risk Tolerance is

Explain that investors must be equipped to take risks and to cope up with financial losses. Not every day is a sunny day.

Know WHERE You Plan to Invest

Introduce them to the different avenues to invest! (All avenues are explained in the 2nd step!)

Learn WHEN to Invest

Determine your child’s financial stability and the abundance of his/her knowledge about generating passive income. This is to get them ready before actually entering into investing

Establish HOW You Will Strategize Your Investment

Explain that there are varying methods in order to succeed in investing!

TIP: Enroll them in interactive online courses such as in stocksed.com that cater to teach stocks for dummies!

2. Sustain Their Interests in Financial Matters

Now that your children have a grip of what investing is, you must encourage them to think long-term. Throughout this process, help them set goals by giving concrete examples about what they should aim for. You may open up about paying for their college finances, starting businesses, buying cars, or even traveling places. You must also be attentive to their questions related to keeping their interests soaring.

Download and let your child/ren answer this printable worksheet titled “My S.M.A.R.T Goals” and guide them as they visualize how they want their middle-aged life to turn out!

3. Let Them Invest

Once you have already gotten their interests in handling finances, introduce them to the different avenues of investing. Listed below are some of the most common ways for your child to generate passive income in the Philippines.

TIP: Answering Investment Risk Tolerance Assessments help you determine what your strengths and weaknesses are in creating your investment strategy!

Source: iStock

GInvest

Minimum Initial Investment Deposit: Php 50

This feature of the GCash app is the most simple, most accessible, and most affordable way for beginners to begin their investment journey! 50 pesos, a smartphone, and the GCash app is all that you need to start growing your money. The app also gauges how much you are willing to risk in order to guide you with the right investment option.  Lastly,  it also provides a hassle-free cash-in and out system given that everything’s accessible in GInvest. 

Stock Investment

Minimum Initial Investment Deposit: Php 5000

Stock trading for beginners may seem overwhelming. But trust me, it’s just as easy as 1, 2, 3! Engaging in stocks make you a part-owner of a company, making your earnings depend on the financial success of the company you choose to invest in. Therefore, It is considered as a high risk, high reward type of investment.

Bonds

Minimum Initial Investment Deposit: Php 8000

In contrast with stock investment, bonds are described to be of low risk with low reward. Your earnings would not depend on the success of the company, but would rather give you a fixed amount over a certain period. 

PAG-IBIG MP2

Minimum Initial Investment Deposit: Php 500

Part of the PAG-IBIG program, this second cheapest option offers a tax-free, risk-free, and a short-middle term investment plan. PAG-IBIG MP2 is a voluntary program wherein one can earn through dividends — a portion of a company’s profit through dividends

SSS PESO Fund

Minimum Initial Investment Deposit: Php 1000

The SSS PESO (Personal Savings and Equity Option) Fund is a voluntary investment program wherein all SSS members are eligible to apply. It caters to people who want to make the most out of their post-retirement life. It is risk-free and tax-free, wherein earnings are accumulated through compounding interests. 

VUL Insurance

Minimum Initial Investment Deposit: Php 1,300-1,500

Combining insurance and investment in one, it is ideal for parents to apply for their children in order to safeguard their future such as their education. These types of insurances are handled by fund managers. Hence, making it ideal for beginners who have little to no knowledge about investment. VUL insurances allocate 5% to the cost of insurance, while 95% goes to investments. Just like stocks, it is also high in risks as it does not guarantee returns. 

Real Estate Investing

Minimum Initial Investment Deposit: 20,000 pesos

Similar to stock trading, real estate investments are also dependent on a firm’s shares for earning, but in the form of properties and lands. Real estate investing for beginners might be a bit challenging compared to the others mentioned in this article, which is why it is considered to have a high-risk high reward ratio. It is ideal for long-term investors given that it deals with properties, such that land appreciates through time. Investing in rental properties that comprise this type of investment is the most ideal investment for starters. 

Mutual Funds 

Minimum Initial Investment Deposit: 5,000 Pesos

Mutual funds are the collated investments from different allocations such as in stocks and bonds. Investing in mutual funds is one of the most ideal for starters given that skilled financial investors would be the ones to handle and decide for the best investment options to increase your assets. 

UITF 

Minimum Initial Investment Deposit: 5,000 Pesos

Unit Investment Trust Funds (UITF) are for long-term plans and are considered to have a high-risk-high-reward ratio. UITFs affect your share earnings as it is dependent on the fluctuation of interest rates and the performance of the market.

Source: Getty Images

Let us all Invest for the Best!

Now that you already have a grip on how to introduce your children to investing, it is high time for you to let them experience how to make independent decisions and how to take risks!

Wealth investment has become more accessible throughout the years, that is why it is important to provide opportunities in investing for students and beginners. For parents, immerse your children in your daily financial decision-making activities to train them on how to minimize risks when investing.

As parents, we should always guide them while allowing them to explore independently. Applying the three (3) steps to introduce investment and stocks for beginners is a great step towards increasing financial literacy and promoting financial security. 

So what are you waiting for? Inspire your children to venture into the world of investing! Allow them to grow their money, in order for them to live their lives fully!

Find this article helpful? Share this link to inspire other parents on how they could introduce their children to learn about stocks!

Budgeting 101: A Guide for Beginners

streetsmartmasterclass

Source: Flickr

Has your child been begging you to get that newly-released toy or gadget? It can be tempting to buy it for them, especially when they keep on bugging you about it! However, why not let them earn for it? It’s also for them to realize what it’s actually worth. 

Teach them to save parts of their allowance for the things they want to buy! You might be wondering though, how? Well, this article will tell you how to teach your children and support them through their saving journey.  

To get that one thing they’ve been dreaming of but can’t afford, they have to learn how to budget. You might be wondering, what is budget? Well, a budget is an estimation of the costs and revenue over a specific period. Creating a budget can help ensure that there is enough money for the stuff you want and need.

The budgeting meaning or the definition of budgeting is creating a financial plan wherein they will allocate where to put their money. Through budgeting, their savings can be increased, or it can help them get the gadget they’ve been begging for! 

How will they save their money?

You might be wondering how to budget? Well, there are five common types of budgeting methods: (1) traditional budgeting, (2) the 50/30/20 rule, (3) the envelope system, (4) savings first, and (5) the sub-savings account method. If you want to know which method is perfect for your child, keep on reading!

Traditional Budgeting 

If their allowance is more than their expenses, they can use this method. It’s pretty straightforward, wherein they will list their income and expenses. Afterward, they will find the difference.

After doing so, they should list down different categories that matter to them. They will set a budget for the amount they want to spend in each category, such as their food, actual savings, schoolwork, and the like. 

For example, suppose their allowance is 1,000 pesos. In that case, they can allocate their 1,000 into different categories: food, actual savings, saving for the gadget they want, and school necessities. They can put 500 pesos for their food, 200 for the device they wish for, 200 for their school necessities, and 100 for their actual savings. 

50/30/20 Rule

The 50/30/20 rule will break down their expenses into three categories: needs, wants, and savings. Fifty percent of their income will be categorized into their needs, 30 percent to their wants, and 20 percent to their savings.

For example, if they have 1,000 pesos. 50%, which is 500 pesos, will go to their necessities, such as their food and school necessities. 30%, which is 300 pesos, will go to their wants, such as the gadget they’ve been saving for. The remaining 100 pesos will be for their actual savings towards their future.

Contrary to the traditional budgeting method, they only have three categories to worry about instead of a dozen. So if they’re easily turned off by the time and effort needed to do the traditional budgeting methods, then they should try this instead.

However, spending can be an issue due to the small number of categories. To minimize this issue, make their allocated money for their expenses flexible to adjust the costs.

The Envelope System

In this system, they will use their actual cash on hand as their spending money.

The envelope system is pretty straightforward, wherein they will put their money in separate categories. The envelopes are then labeled to match their categories. It’s a way to force them to accurately budget their expenses every month. 

For example, their allowance costs 2,000 pesos per week. Then their budget should be 1,000 pesos for their food, 500 pesos for their savings, and 500 for school materials. When they receive their allowance, they should put the different amounts in their designated envelopes.

Every time they need to buy their food, the money must only come from the food envelope. They must be disciplined enough not to open the others.  

They should constantly identify all their weekly or monthly categories and make an envelope for each of them. Use different colors to avoid any confusion and label everything. 

Although, once their cash is all used up, they can’t get more. This method requires them to only use their money on hand. Don’t be tempted to give them a little extra! However, it’s ok to use one debit card for emergencies. Just make sure that they’re using it for an actual emergency, not for the upcoming Shopee sale.  

So, what can go wrong? 

They can either misplace their cash or be tempted to use it. Here are some quick fixes if you think they’re not disciplined enough to follow the envelope system religiously. You can help them hide their saved up money in zip-top pouches, hidden cloth pockets that are sewn into clothing, between the insole and bottom of a shoe, and messenger bags.

Savings First

This method primarily focuses on savings. In this method, they are supposed to save their money first, even if they have to compromise their supposed expense. Instead of using the traditional income – expenses = savings formula, this uses income – savings = expenses. 

In this method, they will set aside their savings then the remaining money is for them to spend. For example, if they’re given 2,000 pesos, they’ll save 1,500 pesos, and the remaining 500 pesos is for them to use. This method is the best fit for a child who struggles to save.

Simply put, a specific amount of money is set aside every time they receive their allowance. Through this method, they can prioritize their savings and make do with what’s left. 

Sub-Savings Account Method

They can open multiple savings accounts and put a specific purpose for each saving account. For example, they will use separate bank accounts for their daily expenses, actual savings, and what they want to buy in the future. 

They can also use different types of accounts for each. For example, in their savings account, they can use a checkbook to make it more difficult to use their funds. As for their expenses, they can use a digital bank account to make it more accessible for them. 

Tips for Sticking to their Budget

Different types of budgets methods exist to help control their spending, especially because maintaining a budget is challenging. Here are specific steps to make it easier for them to follow their budget plan.

  • Before they start doing their preferred budgeting method, make sure that they review their income and expenses. Verify that their expected costs are accurate.
  • Despite their best efforts to adhere to any budgeting method and still falling short on their money, they can review their expenses. Try to stop them from spending items that aren’t their necessities. If not, try to convince them to lessen the cost. Trade their takeout to home-cooked meals that can be repeated. 
  • If they are going over their budget, freeze their expenses. They should either completely stop spending or keep spending to a minimum.

In budgeting methods, it is essential to note that one does not fit all. Please take note that they should find what works for them and do it. We hope that this article clarified the budgeting meaning or the definition of budgeting, what is budget, and how to budget.

Picking the Right Method

Even if they pick the budgeting method that works the best for them, it takes time to get used to it, especially if they’ve never budgeted before. However, adhering to budget methods is similar to building a habit. As they do it more often, the easier it becomes to stick to it.

Their reasons why they want to budget should be clear to them. They should list down their goals and whys, then constantly return to them when it’s challenging to stick to their budgeting method. By doing this, they can regain their motivation to keep on improving their budgeting skills. 

Additionally, remind them that they shouldn’t be afraid to revise their budgeting methods as needed. They can make adjustments or tailor them to their needs. This will make it more effective for them. If they discover that a budget method is not working for them, they can always change it as they see fit.  

Try and try until they succeed!

Of course, they don’t have to adhere to the budgeting methods above strictly. Sometimes, they have to learn to treat themselves! Congratulate them for being disciplined enough and for following their road plan to financial success.

Budgeting methods that work for each person will vary, especially since everyone has different sources of income and various expenses. Use the knowledge from this article as a stepping stone for your child to achieve their financial goals. 

Help them pick from the budgeting methods from above, and you can also try one for yourself. From there, both of you can determine which works the best for you both. Both of you can measure the success of the budget method by your level of contentment and the amount of money saved.